Zhao Denies Forbes' Billionaire Claim: 'Definitely Not Accurate'
Binance founder Changpeng Zhao has dismissed Forbes' estimate that his net worth has surged to $110 billion, making him one of the world's richest people.
The estimate, which placed Zhao above Bill Gates on the annual World's Billionaires list, was based on conversations with industry insiders and comparisons with publicly traded rival Coinbase.
Zhao owns about 90% of Binance, which holds approximately 38% of global crypto trading market share. Forbes acknowledged that some of his assets have dropped around 25% over the past year, but concluded the exchange alone would likely command a twelve-figure sale price even after applying a discount for operating largely outside U.S. regulations.
Zhao ridiculed the estimate, saying it was 'definitely not accurate' and that he couldn't possibly have gained $47 billion in just one year given the current state of crypto prices.